Governor: Wells Fargo Has Lost the Right to do Business with State of Ohio

Friday, October 14, 2016 13:41

% of readers think this story is Fact. Add your two cents.

Wells Fargo & Co (NYSE:WFC) can add Ohio to the growing list of states where it isn’t welcome to do business with state government anymore, with Governor John Kasich issuing a scathing statement today.

Governor John Kasich announced that for one year he is barring Wells Fargo “participating in future state debt offerings and financial services contracts initiated by state agencies under his authority,” and will seek to exclude the California-based bank from participating in debt offerings initiated by the Ohio Public Facilities Commission.

Despite WFC’s weak physical presence in Ohio, Kasich has found another way to strike back at the embattled banking giant:

“While Wells Fargo only does limited retail banking in Ohio, it does regularly seek state bond business so I have instructed my Administration to seek services from other banks instead, and I’ll cast my votes against Wells Fargo on the Public Facilities Commission,” Kasich said in a statement.